Goodmortgage Mortgage Review 2020
By Mitch Strohm
About our reviews
Bankrate’s editorial team researches, reviews and rates lenders to help you find one that fits your needs. Our experts consider a range of factors, including rates, loan types, time to close, fees and more. Reviews are updated regularly. Bankrate is an independent, advertising-supported comparison service. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy.
NMLS: 2917
State License: MC-436
Bankrate Score
3.4
4.1
Please note: In response to the coronavirus pandemic, lenders are changing their requirements continuously. Although we strive for accuracy at the time of publication, please be sure to check with the lender for updated details on down payments, credit scores, etc.
Goodmortgage is a full-service online lender offering mortgage options to borrowers of all types, including those with prior credit issues and little money for a down payment. Founded more than 20 years ago, Goodmortgage is the retail lending arm of First Guaranty Mortgage Corporation (FGMC). FGMC is a full-service wholesale and correspondent lender headquartered in Plano, Texas. It purchased Goodmortgage in May 2016.Nationwide availability
Available in all U.S. states except Hawaii and New York
Minimum credit score
620 for conventional loans; 530 for FHA loans; 530 for VA loans; 530 for USDA loans; 620 for second liens; 500 for non-qualified mortgage (non-QM) loans.
Loan types
Conventional, FHA, VA, USDA, fixed-rate, adjustable-rate (ARM); refinancing options include rate-and-term refinancing and cash-out refinancing; also offers non-qualified mortgage (non-QM) loans and home equity loans
Pros
- Programs for borrowers with slim credit
- Low-down payment loan programs
- Offers non-qualified mortgage loans
- Fast loan closing times
- Free rate quote online
Cons
- Doesn't offer immediate online approval; you have to speak to a loan officer
- Doesn’t publish lender fees on its website
- No brick-and-mortar locations
Find your mortgage match
Get paired with your best mortgage offers in 2 minutes or less.
Goodmortgage overview
Loan types
- Conventional
- FHA
- VA
- USDA
- Fixed-rate
- Adjustable-rate (ARM)
- Refinancing including rate-and-term refinancing and cash-out refinancing
- Non-qualified mortgage (non-QM) loans
- Home equity loans
Lender fees
Goodmortgage doesn’t publish lender fees on its website. However, keep in mind that most lenders charge at least an origination and application fee.
If you’re looking to keep lender fees low, Goodmortgage offers a number of programs that can lower your obligation at closing. FHA, USDA and VA loans may allow you to wrap closing costs into your overall monthly payment, and sometimes they provide the option for the seller to contribute to costs at closing.
Minimum borrower requirements
Goodmortgage generally follows Fannie Mae’s underwriting guidelines for conventional mortgages. Borrowers need a credit score of 620 or better, a down payment of at least 5 percent and a DTI of at least 43 percent.
For HomeReady and HomePossible mortgages, borrowers can put down as little as 3 percent.
FHA programs through this lender require a 530 credit score or better and a down payment of at least 3.5 percent. It doesn’t publish DTI requirements, but you’ll generally need a DTI of 50 percent or lower.
Goodmortgage also offers non-qualified mortgage products that allow for a credit score as low as 500.
Get started with Goodmortgage
Borrowers can apply online or by phone.Hours
Goodmortgage consumer rating and reviews
78% recommended
goodmortgage.com has been providing thousands of homeowners and homebuyers competitive mortgages for over 17 years now.
- Offer FHA, VA, Conventional and jumbo programs.
- Licensed in 27 states and Washington, D.C.
- Fast and simple online application platform.
Customer Service Rating